2023 ECONOMIC IMPACT REPORT
Leading the Transformation of Philadelphia’s Central Delaware River Waterfront Into an Inclusive, Vibrant, Growing Community and Economic Hub
TODAY’S VIBRANT, GROWING WATERFRONT Delaware River Waterfront Corporation (DRWC) is leading the transformation of Philadelphia’s Central Delaware River Waterfront into a vibrant mixeduse neighborhood and welcoming destination, returning the Waterfront to its legacy as a thriving hub of economic activity — now with the benefits of community, culture, and natural spaces as a diverse, dynamic place to live, work, learn, and play. A growing community and economic hub with historic roots and modern assets, the Waterfront area is primed for continuing progress, development, and expansion through ongoing public and private investments in the immediate term and over the next decade. The support of our public and philanthropic partners and advocates continues to be critically important to the success, growth, and sustainability of a thriving Waterfront now and into the future. This report is a summary of “DRWC and the Delaware River Waterfront’s Transformation — Implementation of the Master Plan for the Delaware River Waterfront: 2022 Economic Impact Assessment,” completed in May 2023. The full report can be accessed at DelawareRiverWaterfront.com/ EconomicImpactReport.
SINCE 2009: • $100 million public capital investment to date, featuring 11 completed major projects with another 8 underway • $1.11 billion in private development investment to date, supporting 13,000 jobs and $751 million in labor income • $1.06 billion increase in total recorded market value of the area, representing 140% growth • Engaging recreational and cultural activity drawing visitors and participants from all over the city • 460 events in 2022 — most free to the public — celebrating the diverse cultures of Philadelphia’s many communities • Significant infrastructure addressing public safety, community access, and ADA accessibility • $10 billion projected economic impact over the next decade
DRWC ECONOMIC IMPACT REPORT 1
THE WATERFRONT’S TRANSFORMATION Philadelphia’s Central Delaware River Waterfront is being realized into an inclusive, vibrant, and growing area that welcomes all Philadelphians. Centered around the new CAP over I-95 and Penn’s Landing Park, the economic revitalization and active reuse of the “Delaware River Waterfront District” expands north to Allegheny Avenue and south to Oregon Avenue, comprising: • 6-1/2 total miles • 1,100 acres of waterfront land
BY THE NUMBERS Public infrastructure investment coordinated by DRWC
$100 MILLION FROM 2009 TO 2022
$153 MILLION ECONOMIC IMPACT
$517 MILLION MORE BY 2032
New or substantially completed private development investment
$1.11 BILLION SINCE 2014
$2 BILLION ECONOMIC IMPACT
$6 BILLION
Benefits of DRWC’s Efforts As the steward of the Delaware River Waterfront, the DRWC’s focus is securing and administering public capital infrastructure investment as a direct and powerful catalyst for private development and investment. In addition to stimulating significant economic growth with new business, real estate value, and increased city and state tax revenues, DRWC’s efforts have many benefits, including improving and enhancing: • The Waterfront’s attractiveness — while protecting it as a valuable natural resource • Quality of life for all Philadelphians — now and into the future • Diverse employment opportunities • Tourism and hospitality • Community access via transportation infrastructure • Public safety • Green spaces • Community and visitor engagement • Resident attraction and retention • Diversity, equity, inclusion, and accessibility
MORE IN THE NEXT DECADE
Future combined public capital investments and private development and investments are expected to produce an economic impact of $10 billion in the next 10 years.
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Economic & Community Success The Waterfront has transformed into an economic and community success story, a thriving destination for business, residential, and community activity. With continued strategic investment and development over the next decade, the best is yet to come.
PUBLIC CAPITAL INVESTMENT PROJECTS DRWC has a proven track record of leveraging support from public and private philanthropic capital investment that continues to grow. DRWC public capital investment projects completed to date: • Groundbreaking of new CAP over I-95 and Penn’s Landing Park • Completion of the Delaware River Trail • New parks at Race Street Pier, Washington Avenue Pier, and Pier 68
$85 MILLION
MILLION CITY TAX REVENUES TO DATE
$364 MILLION IN THE NEXT 10 YEARS
$50 MILLION
STATE TAX REVENUES TO DATE
$188 MILLION IN THE NEXT 10 YEARS
ENGAGEMENT FROM ALL
64,000 JOBS
• Streetscape projects to improve the pedestrian experience through connectors at Race Street, Spring Garden Street, and Columbia Avenue
$3.3 BILLION
• Introduced Spruce Street Harbor Park
IN THE NEXT 10 YEARS
IN LABOR INCOME
140%
PROPERTY VALUE INCREASE
2015–2023
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• Transformed Pier 9 to create Cherry Street Pier • Expanded Independence Blue Cross RiverRink Winterfest and Summerfest DRWC public capital investment projects in development or underway: • Expansion of Delaware River Trail • Extension of South Street Pedestrian Bridge • Construction of new CAP over I-95 and Penn’s Landing Park • Redevelopment of the Market Street and Marina Basin sites • Development of South Wetlands Park • Revitalization of Graffiti Pier • Creation of Washington Avenue Connector For more projects, including private development, see pages 14–15. DRWC ECONOMIC IMPACT REPORT 5
ABOUT DRWC: WHO WE ARE DRWC is leading the transformation of the Waterfront area to benefit all citizens of and visitors to the City of Philadelphia. Its sole focus is the economic revitalization and active reuse of the 6-1/2-mile-long Delaware River Waterfront District. DRWC provides critical leadership and expertise to envision, design, create, and develop infrastructure in the Delaware River Waterfront District for an expanded, exciting 21st-century version of the Waterfront area.
ABOUT DRWC: WHAT WE DO DRWC secures and administers strategic public capital infrastructure investment as a direct and powerful catalyst for private development and investment. And it does so much more. • Interact directly with developers and private investors in maritime, residential, retail, hotel, and other key sectors to create a Waterfront that balances public and private needs
• Improve Waterfront access to adjacent neighborhoods
• Develop targeted marketing for the Waterfront area • Manage maintenance operations along the Waterfront
• Improve existing parks and public spaces
• Plan and coordinate a range of public recreational, cultural, and commercial activities, events, and programs • Maintain accessible and inclusive spaces
• Maintain specified landscapes and streetscapes
• Create new green spaces and recreational areas • Build infrastructure to ensure access, safety, and ease of use
• Collaborate on safety initiatives with the Philadelphia Police Department and independent security
• Install and break down seasonal parks
• Manage area-specific sanitation and snow removal
Neither a government entity nor a private enterprise, DRWC is a 501(c) nonprofit corporation organized exclusively for the benefit of the City of Philadelphia and its citizens.
DRWC’s mission is to design, develop, program, and maintain public amenities along the central Delaware River Waterfront for the use and benefit of all Philadelphians and visitors.
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The Waterfront Then & Now The Waterfront is returning to its legacy as a thriving hub of economic activity — now with the benefits of community, culture, and natural spaces as a vibrant place to live, work, learn, and play.
THE DELAWARE RIVER WATERFRONT: THEN & NOW Past
2000s
Today
Thriving shipping and industrial area
Majority of area is abandoned, underutilized, and inaccessible to nearby communities
Active expansion and reuse of the Waterfront as a vibrant destination
Construction of I-95, which created a physical and psychological barrier between the Waterfront and city neighborhoods
2012 Master Plan envisions renewed development of the Waterfront area, including a framework for the public realm that reconnects the Waterfront to the city
Largest investment in the Delaware Waterfront since the construction of Penn’s Landing 60 years ago
Later deindustrialization, land speculation, and privatization of the Waterfront
2014 Penn’s Landing Feasibility Study shows how leveraging public infrastructure investment will facilitate high-quality private development
Economic revitalization with benefits boosting business, employment, real estate value, and tax revenues
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Contributions to Local & State Economy
HOT REAL ESTATE SUBMARKET Today the once-abandoned Waterfront has also become one of the hottest real estate submarkets in the Philadelphia metropolitan area.
The Waterfront is now a thriving contributor to Philadelphia’s economy — as well as the Commonwealth of Pennsylvania.
t
Developm en
• Significant spending in the City and Commonwealth generated by development and construction • Increased substantial, living-wage employment • Enhanced economic opportunities for City and Commonwealth vendors through procurement of a wide range of goods and services • Primary investments include: o Residential and large-scale retail in the southern area of the Delaware River Waterfront District
De
ma
Development improvements like green park spaces and the multi-use trail have increased demand for residential, retail, commercial, recreational, and hospitality along the river. This attracts more businesses, tourism, and residents — which sparks additional development to meet expanded demands by residents and visitors who enjoy the Waterfront and its amenities.
nd
o Residential mixed-use in the northern area of the Delaware River Waterfront District
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Boosting Local & State Economies
CITY OF PHILADELPHIA ECONOMIC IMPACT Since 2014, DRWC has coordinated significant strategic public capital investments to facilitate private development investment in the Waterfront, propelling economic growth and making a substantial economic impact on the City of Philadelphia.
PHILADELPHIA Private
Total Impact
Public
Private
Total Impact
Direct Output ($M)
$98.6
$1,250.0
$1,348.6
$98.6
$1,250.0
$1,348.6
Indirect and Induced Output ($M)
$55.3
$620.2
$675.5
$80.8
$968.3
$1,049.1
Total Output ($M)
$153.9
$1,870.2
$2,024.1
$179.4
$2,218.3
$2,397.7
Employment Supported (FTE)
680
12,810
13,490
800
14,590
15,390
Employee Compensation ($M)
$49.4
$750.6
$800.0
$64.1
$854.6
$918.7
BY THE NUMBERS IN PUBLIC CAPITAL INVESTMENTS TO DATE SUPPORTING 680 JOBS AND
$50 MILLION IN L ABOR INCOME
$1.1 BILLION
IN NEW OR SUBSTANTIALLY COMPLETED PRIVATE DEVELOPMENT INVESTMENT TO DATE
Overall, the Waterfront’s public and private investments have boosted the economies of both the City and Commonwealth, with the majority of impact in the areas of healthcare, retail, and professional services.
PENNSYLVANIA
Public
$100 MILLION
The DRWC-led public capital investments and additional private development and investments in the District clearly benefit the construction industry. But the benefits expand far beyond construction due to increased employee spending power and growing demand for goods and services from local vendors.
To date, the Waterfront has made considerable contribution to City and Commonwealth tax revenues • $85 million, Philadelphia • $50 million, Pennsylvania
Philadelphia
Pennsylvania
SUPPORTING 13,000 JOBS AND
Wage/Income ($M)
$23.5
$19.3
IN L ABOR INCOME
Sales ($M)
$10.2
$27.1
TOTAL ECONOMIC IMPACT TO DATE:
Business ($M)
$7.5
$3.1
Permits and Fees1 ($M)
$18.7
*
RE Transfer Tax2 ($M)
$25.0
*
Total ($M)
$84.9
$49.5
$751 MILLION $2 BILLION
• $800 million in employee compensation • 13,500 job-years of employment
City only: Assumes development fees and permit revenues to be 1 percent of total capital project costs. 1
City only: Assumes RE Transfer Tax revenues to be 2% of the total development costs. 2
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Tax Type
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Continuing Waterfront Revitalization
NOTABLE IMPROVEMENTS & INVESTMENT
Projects currently underway will continue to reinforce and expand the Waterfront’s revitalization as a diverse, dynamic place to live, work, learn, and play.
Growth in the Delaware River Waterfront District since 2014 has included a range of projects fulfilling DRWC’s mission to transform the Waterfront into a vibrant mixed-use neighborhood and thriving hub of economic activity.
Projects currently underway: • The Battery
• 918 North Delaware Avenue
• 700 North Delaware Avenue
• The Ryland at One Dock Street
• Rivermark Northern Liberties
• 933 North Penn Street
Since 2014, DRWC has initiated or facilitated 20 notable public improvements and private capital investment along the Waterfront. • 4 Commercial • 5 Mixed-use • 4 Public/park space • 7 Residential
As evidence of continuing interest and growth in the Delaware River Waterfront District, since 2019 there has been a sharp increase in the number of new residential permits pulled as well as new construction in the area, including: • The Battery
• 918 North Delaware Avenue
• 700 Delaware Avenue
• Rivermark Festival Pier
• The Ryland at One Dock Street
• NorthBank
• 700 North Delaware Avenue Year Issued
Addition or Alteration
New Construction Unspecified
New Residential
New Commercial
Total
2014
50
47
0
0
97
2015
79
58
0
0
137
2016
44
32
0
0
76
2017
49
15
0
1
65
2018
45
29
44
4
122
2019
49
22
32
52
155
2020
63
7
461
41
572
2021
109
0
705
38
852
2022
56
0
591
13
660
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THE WATERFRONT’S NEXT 10 YEARS
In the next 10 years, public capital investment and private development activity is expected to increase exponentially, generating notable and continued growth, expansion, and economic impact — and fulfilling the transformative vision for the Waterfront. DRWC’s plans call for $517 million in additional public capital investment in the next decade: • Over $300 million for the Penn’s Landing CAP Project • Other projects include: o Northward expansion of the Delaware River Trail o Graffiti Pier Park
Future Waterfront Investments Following trends in Waterfront investments made to date, future planned investments are expected to spur substantial additional private development activity in the area.
Public Capital Investment $517 million
Private Development Activity $6 billion
As proof, significant residential developments have already broken ground along the Waterfront. In fact, the long-term appeal of the Waterfront is expected to continue generating demand at a faster rate than the city as a whole.
o Washington Avenue Connector o South Wetlands Park
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FUTURE ECONOMIC IMPACT: PHILADELPHIA
FUTURE ECONOMIC IMPACT: PENNSYLVANIA
Future public and private Waterfront investments over the next decade will have a monumental economic impact on the city.
Beyond the city’s borders, future public and private Waterfront investments over the next decade will boost the economy of the entire Commonwealth.
By the Numbers: PENNSYLVANIA By the Numbers: PHILADELPHIA
Impact Type
Philadelphia
Pennsylvania
$930 Million Public Capital Investment
In The Next Decade $517 Million Public Capital Investment
In The Next Decade
Direct Output ($M)
$6,520
• 5,500 jobs
• 66,000 jobs
• $300 million labor income
• $3.3 billion labor income
$6,520
• $800 million economic impact
COMBINED TOTAL IMPACT
• 5,000 jobs • $300 million labor income
$10 Billion Private Development
Indirect and Induced Output ($M)
$3,260
$4,680
$11 Billion Economic Impact
$3.6 Billion Labor Income
71,000 Jobs
$6 Billion Private Development • $9 billion economic impact • 59,000 jobs • $3 billion labor income
COMBINED TOTAL IMPACT • $10 billion economic impact • 64,000 jobs • $3.3 billion labor income
Total Output ($M)
Employment Supported (FTE)
Employee Compensation ($M)
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$9,780
64,130
$3,300
PHILADELPHIA
$11,200
71,170
$3,600
PENNSYLVANIA
Public
Private
Total Impact
Public
Private
Total Impact
Direct Output ($M)
$517
$6,000
$6,517
$517
$6,000
$6,517
Indirect and Induced Output ($M)
$269
$2,996
$3,265
$417
$4,266
$4,684
Total Output ($M)
$786
$8,996
$9,782
$934
$10,266
$11,201
Employment Supported (FTE)
4,700
59,430
64,130
5,450
65,720
71,170
Employee Compensation ($M)
$284
$3,020
$3,304
$369
$3,296
$3,665
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FUTURE ECONOMIC IMPACT: TAX REVENUES
Projected tax revenues from future public and private Waterfront investments over the next decade will add more than half a billion dollars combined to the bottom lines of Philadelphia and Pennsylvania. Full build-out operations of public and private construction combined are expected to generate: • $364 million in taxes for Philadelphia • $188 million in income, sales, and business tax revenues for Pennsylvania
Tax Type
Philadelphia
Pennsylvania
Income ($M)
$114.2
$126.7
Sales ($M)
$20.6
$23.1
Business ($M)
$34.6
$38.9
Permits and Fees3 ($M)
$65.2
*
RE Transfer Tax4 ($M)
$130.3
*
Total ($M)
$364.9
$188.8
Future public capital investments led by DRWC and additional private development and investments in the Delaware River Waterfront District will benefit the construction industry. But the benefits expand far beyond construction due to increased employee spending power and growing demand for goods and services from local vendors.
Goals of Waterfront Investment The goals of DRWC’s Waterfront public capital infrastructure investment go beyond generating more private development and investment, they include creating a thriving, robust community that improves the lives of all Philadelphians — those who live and work within the Delaware River Waterfront District as well as those who visit the area. DRWC’s goals include increasing ongoing business economic activity and employment that utilizes these capital investments, including: • Annual business activity associated with business operations of public and private entities within the Delaware River Waterfront District • Household income and spending anywhere in the city by residents of the Delaware River Waterfront District, including newly constructed residential developments • Visitor spending brought into the city by those coming to the programs and attractions along the Waterfront
Overall, the Waterfront’s future public and private investments will boost the economies of both the City and Commonwealth, with the majority of impact projected in the areas of healthcare, retail, and professional services. 3
City only: Assumes development fees and permit revenues to be 1 percent of total capital project costs.
4
City only: Assumes RE Transfer Tax revenues to be 2% of the total development costs.
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THRIVING WATERFRONT FOR RESIDENTS & BUSINESS The current snapshot of the Delaware River Waterfront District depicts a thriving resident profile and active business environment, creating a diverse community in which more than 12,000 people live and work. DELAWARE RIVER WATERFRONT DISTRICT POPULATION: 3,800 • Median age: 40 • Majority White — 71% of the population • 1.8 average household size o Lower than the city average (2.4)
Thriving Waterfront for Residents & Business DELAWARE RIVER WATERFRONT DISTRICT PRIVATE AND PUBLIC BUSINESS OPERATIONS Businesses: 489 • Workers employed: 8,386 Sectors: • Retail: 15% o Employees: 29% • Accommodation & Food Services: 12% o Employees: 22%
Significant employment centers: • In the southern area: o Columbus Commons and Columbus Crossing retail hubs o Includes Ikea, Best Buy, Walmart, Target, grocery, restaurants • In the northern area: o Entertainment businesses o Includes Rivers Casino, The Filmore Complex, Dave & Busters, and Morgan’s Pier
• Median household income: $121,600 o More than twice the city median ($52,600) o Incomes over $50,000: 88% • Unemployment rate: 3% • Labor force participation: 73% o Higher than the rest of the city (58%) • Living and working in the Delaware River Waterfront District: 2,400
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DISTINCT WATERFRONT EMPLOYEE POPULATION The composition of the Delaware River Waterfront District’s employee population is distinct compared to the city overall. Unsurprisingly, the Waterfront’s position as a retail, entertainment, and tourism center is reflected in its high employment concentration in these specific areas. The rest of the city is highly concentrated in the medical and education sectors — 33% of citywide employment — which includes the healthcare and social assistance, professional, scientific, and technical sectors.
Real Estate Impact The Waterfront’s transformation has had a sizable positive impact on real estate within the Delaware River Waterfront District — with considerable economic benefit for the city and all of its citizens.
1. DRWC’s ongoing efforts have increased the attractiveness of the Waterfront for a variety of uses
2. Generally favorable real estate market conditions
3. Significant growth in the demand for real estate
4. Significant increase in the aggregate property values
5. Substantial property tax revenue increases for the City and the City School District
A greater diversity of employment is expected to develop as the Delaware River Waterfront District’s population increases, along with the need for a variety of businesses and amenities. In fact, in the first half of 2022, a total of 13 new commercial property permits were pulled, reflecting continued interest in commercial development along the Waterfront.
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Real Estate Market Values
REAL ESTATE BENEFITS Within the Delaware River Waterfront District, specific real estate benefits from the Waterfront’s transformation include across-the-board increases in property count, market value, total taxable assessed value, and total exempt assessed value. Notably, from 2015 to 2023, the Delaware River Waterfront District experienced the following increases: • Property count: 25% (394)
• Total taxable: 125% ($936,923,403)
• Market value: 140% ($1,583,081,620)
• Total exempt: 63% ($243,531,359)
From a real estate viewpoint, DRWC’s impact on the growth and success of the Delaware River Waterfront District has been remarkable. Total recorded market value for the Delaware River Waterfront District has increased by $1.06 billion — representing 140% growth. DRWC’s impact on market values is $264 million of that total — or about 25%.
Total Market Value Real Market Value Growth
1,055,377,200
Property Type
Property Count
Market Value
Total Taxable
Total Exempt
% Change due to Overall Market Growth
75%
Residential
1,310
$467,389,300
$272,529,743
$194,557
% Change due to DRWC Actions
25%
Hotels & Apartments
21
$109,689,600
$82,906,351
$26,783,249
Value Change “Attributable” to DRWC
$263,844,300
Store & Dwelling
7
$2,664,000
$2,664,000
$0
Commercial
95
$431,907,600
$283,973,629
$147,933,971
Industrial
59
$105,497,500
$90,451,702
$15,045,798
Vacant Land
60
$16,862,800
$15,136,400
$1,726,400
Total
1,552
$1,134,010,800
$747,66,825
$386,348,975
Property Type
Property Count
Market Value
Total Taxable
Total Exempt
Commercial
102
$899,072,500
$574,123,468
$55,040,682
Industrial
69
$258,534,720
$149,721,071
$292,442,310
Mixed Use
10
$5,388,700
$4,250,730
$86,580,663
Multi Family
31
$244,083,500
$157,276,962
$1,137,970
Single Family
1,539
$731,268,200
$547,724,217
$86,854,598
Vacant Land
184
$575,584,400
$251,488,780
$507,034,023
No Category
1
$3,160,400
$0
$557,520
Total
1,936
$2,717,092,420
$1,684,585,228
$1,029,647,766
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Areas in the north and south areas of the DRWC District saw the highest market value increase.
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Transforming Quality of Life More broadly, efforts led by DRWC have improved the quality of life for all Philadelphians, with significant contributions to the inclusive infrastructure and diverse social fabric of the city. DRWC is committed to ensuring the Waterfront is welcoming to all — including accessibility, quality of public spaces, and the variety of cultural events offered within the area. Today the Delaware River Waterfront District is a place where people of different races, cultures, ethnicities, incomes, ages, and interests can enjoy the Waterfront together. Continued focus and future investments will only strengthen this meaningful forward progress.
RACIAL EQUITY & ECONOMIC INCLUSION DRWC is earnest in advancing racial equity and economic inclusion in the Delaware River Waterfront District. DRWC’s racial equity and economic inclusion initiatives are grounded in its vigorous Economic Opportunity and Wealth-Building Plan (EOP). The plan stipulates that all spending meet goals for the hiring of Minority-Owned (MBE), Woman-Owned (WBE), and Disadvantaged-Owned Businesses (DBE) as well as spending within the City of Philadelphia. The most recent survey from 2018 supports DRWC’s success in encouraging the geographic, racial, and ethnic diversity of Waterfront visitors, including: Geography
Race (by self-identification)
• All 87 Philadelphia zip codes
• 50% White
• 32 states
• 50% Black/AA, Latino, AAPI, Other
• 8 countries
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Making the Waterfront Welcoming for All DRWC’s initiatives to make the Waterfront welcoming for all include a focus on placemaking activities specifically designed to create, enhance, and support diverse spaces and activities that will attract and appeal to all Philadelphians — to give everyone a space and place to call their own within the Delaware River Waterfront District.
Create parks and public spaces with a range of amenities like food and beverage vendors, recreational activities, and events, including: • Spruce Street Harbor Park
• Washington Avenue Pier
• Independence Blue Cross RiverRink Winterfest
• Pier 68
• Race Street Pier
• Cherry Street Pier Upgrade pedestrian and bicycle infrastructure throughout the Delaware River Waterfront District for improved access and ease of use. • New trails, sidewalks, and bike lanes • Increased connection between the Waterfront and surrounding neighborhoods, including: o Columbia Avenue Connector o Spring Garden Street Connector o Race Street Connector • Improved accessibility for the elderly, mobility impaired, and differently abled Establish food and beverage offerings along the Waterfront to create unique dining experiences and a diverse, vibrant dining scene. • New restaurants and food vendors • Diverse small businesses from all over the city Develop new destinations and attractions based on robust public engagement to respond to the needs of Philadelphians and visitors to the city.
An essential component of DRWC’s focus in the Delaware River Waterfront District is its commitment to designing and developing meaningful programs to enrich and celebrate the diverse cultures of Philadelphia’s many communities. The goal is activating the Waterfront with high-quality, innovative public and performance art to establish the area as a significant cultural destination for the city.
Create and support cultural and arts programming to uplift community organizations • Culturally specific programming for celebration and education o PECO Multicultural Summer Series celebrating a variety of cultures including Caribbean, Indian, Islamic and Latino/a • More than 460 events in 2022 included a range of event types, audiences, and programming partners o Markets o Workshops o Art Exhibitions o Performances and concerts o Wellness and fitness classes o Festivals
Through the Waterfront Arts Program, activate the Waterfront with a diverse range of temporary and permanent works of public art • 2022 art installations:
o Film screenings
o Tracey Emin’s A Moment Without You on Race Street Pier
o Panel discussions
o Weaver’s Knot — Sheet Bend along the Delaware River Trail
o Fireworks displays
o Arthur Jafa’s Big Wheel IV at Cherry Street Pier
• Park at Penn’s Landing
o Aku at Spruce Street Harbor Park
• Graffiti Pier
o A multi-week arts and music festival at Cherry Street Pier curated by Tiny Room for Elephants
• South Wetlands Park
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PROGRAMS FOR ENRICHMENT & CELEBRATION
o Big Maps for a Small Planet, a large-scale exhibition from Ana Vizcarra Rankin DRWC ECONOMIC IMPACT REPORT 31
THE BEST IS YET TO COME
Throughout the next decade — and beyond — DRWC will continue to lead the transformation of Philadelphia’s Central Delaware Waterfront as a vibrant mixed-use neighborhood and welcoming destination, returning the Waterfront to its legacy as a thriving hub of economic activity — now with the benefits of community, culture, and natural spaces as a diverse, dynamic place to live, work, learn, and play.
This report is a summary of “DRWC and the Delaware River Waterfront’s Transformation — Implementation of the Master Plan for the Delaware River Waterfront: 2022 Economic Impact Assessment,” completed in May 2023. Delaware River Waterfront Corporation (DRWC) The Delaware River Waterfront Corporation (DRWC) is a 501(c)3 nonprofit corporation organized exclusively for the benefit of the City of Philadelphia and its citizens. DRWC acts as the steward of the Delaware River Waterfront to provide a benefit to all of the citizens and visitors of the city. The fundamental purpose of DRWC is to design, develop, and manage the central Delaware River Waterfront in Philadelphia between Oregon and Allegheny Avenues. DRWC intends to transform the central Delaware River Waterfront into a vibrant destination for recreational, cultural, and commercial activities for the residents and visitors of Philadelphia. DRWC will serve as a catalyst for high-quality investment in public parks, trails, maritime, residential, retail, hotel, and other improvements that create a vibrant amenity, extending Philadelphia to the river’s edge. DRWC is open, transparent, and accountable in connection with its operations and activities with respect to the Waterfront. Through the judicious use of financing, land acquisition, and development capabilities, the Corporation will work cooperatively with city, state, and federal agencies to ensure the realization of the city’s vision for the central Delaware River. Econsult Solutions, Inc. (ESI) The report “DRWC and the Delaware River Waterfront’s Transformation — Implementation of the Master Plan for the Delaware River Waterfront: 2022 Economic Impact Assessment” was produced for DRWC by Econsult Solutions, Inc. (ESI). ESI is a Philadelphia-based economic consulting firm whose principals are nationally recognized experts in urban development, real estate, government and public policy, planning, transportation, non-profit management, business strategy and administration, as well as litigation and commercial damages. Referenced in the report are: • 2012 Master Plan for the Central Delaware River, a vision for the transformation of 6-1/2 miles of waterfront into a vibrant, mixed-use neighborhood and destination. • 2014 Penn’s Landing Feasibility Study, which advanced the concept for the development of the central area of the Waterfront first put forth in 2012, and called for strategic investment in public infrastructure to facilitate private development along the Waterfront.
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